Arabian Centres, which operates 19 shopping malls in Saudi Arabia, is valued at $4.1bn
Saudi retailer Fawaz Alhokair Group is seeking to raise as much as 3.1 billion riyals ($836 million) from selling shares in its malls unit, making it the country’s largest IPO since 2014.
Arabian Centres set the price range of the initial public offering at 26 riyals to 33 riyals, valuing the company at as much as $4.1 billion (SAR15.7bn). Arabian Centres operates 19 shopping malls in the kingdom.
Saudi share sales slowed as the kingdom’s economy grappled with lower oil prices. Listings by companies and real-estate investment trusts raised almost $900 million last year, down from $6.7 billion in 2014, according to data compiled by Bloomberg.
Fawaz Alhokair is offering the shares under Regulation S and Rule 144A of the U.S. Securities Act.
Samba Capital, Morgan Stanley, NCB Capital and Goldman Sachs Group Inc., Citigroup Inc., Credit Suisse Group AG, EFG-Hermes Holding Co., Emirates NBD Capital KSA and Natixis SA are managing the offering.